Inflation in the world’s rich economies has hit a 25-year high, fuelling concerns about the rising cost of living for households and adding pressure on central banks to raise interest rates.
The annual pace of consumer price growth in the OECD group of developed nations hit 5.8 per cent in November according to data released on Tuesday, up from just 1.2 per cent in the same month the previous year and the highest rate since May 1996.
The increase was driven by energy prices, which soared by 28 per cent, up more than three percentage points from the previous month to the highest rate since June 1980. Food price inflation also picked up strongly to 5.5 per cent, from 4.6 per cent in the previous month.
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